Solis Minerals (ASX:SLM) has finalized the second tranche of its $4.5 million placement, securing $2.63 million to advance drilling initiatives in Peru. The tranche involved the issuance of 30.97 million CHESS Depositary Interests (CDIs) at $0.085 per share, along with 26.47 million unlisted options exercisable at $0.16 over two years. An additional 294,118 CDIs and 147,059 unlisted options were issued, raising a further $25,000.
The capital raised will primarily support drilling activities at the Ilo Este and Chancho Al Palo copper targets. Funds will also facilitate geochemical, geophysical, and permitting work at the Cinto Project, with drilling planned for the second half of the year. Additionally, Solis intends to allocate resources to regional exploration across its other projects, including Chocolate and Canyon. The first tranche of the placement, which generated $1.86 million, concluded in early March 2025. Euroz Hartleys and GBA Capital served as joint lead managers for the equity raise. Solis Minerals focuses on discovering copper in South America.
